Core Insights - The A-share gaming index has surged over 60% this year, indicating that the value of gaming companies is supported by solid growth fundamentals rather than just a temporary boost from the "stay-at-home economy" [1] - The domestic gaming market achieved actual sales revenue of 168 billion yuan in the first half of the year, a year-on-year increase of 14.08%, with user numbers reaching nearly 679 million, marking historical highs for both market size and user base [1] - The third quarter has been a landmark period for the gaming industry, with leading companies experiencing explosive growth in profits, driving the entire sector to a strong performance [1] Group 1: Industry Performance - The top three gaming companies, 37 Interactive Entertainment, Century Huatong, and Perfect World, continue to dominate the market [2] - 37 Interactive Entertainment reported a revenue of 12.461 billion yuan and a net profit of 2.345 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 23.57% [2] - Century Huatong's revenue reached 27.223 billion yuan, a 75.31% increase year-on-year, with a net profit of 4.357 billion yuan, up 141.65% [2] - Perfect World achieved a revenue of 5.417 billion yuan, a 33% increase, and a net profit of 666 million yuan, growing by 271.17% [2] Group 2: Driving Forces Behind Growth - The industry's growth is attributed to a combination of favorable policy environments, technological advancements, and global market expansion [3][4] - Stable policy expectations have provided a solid foundation, with consistent issuance of game licenses and supportive measures from various cities [3] - AI technology is becoming a core driver of industry evolution, significantly enhancing efficiency and reducing costs in game development [4][6] - The deepening of overseas expansion is crucial for unlocking growth potential, moving beyond simple product transfers to localized and innovative offerings [4][11] Group 3: AI Integration - AI is recognized as a key variable in the gaming industry, with applications in game design, development, and player experience [6][10] - 37 Interactive Entertainment has developed a vertical AI model, "Xiao Qi," which encompasses over 40 AI capabilities, enhancing the entire game development process [7] - By the third quarter of 2025, AI-assisted generation accounted for over 80% of 2D art assets and over 30% of 3D art resources in 37 Interactive Entertainment [9] Group 4: International Expansion - The "going global" trend in the gaming industry has shifted from a spontaneous choice to a determined direction, significantly altering the competitive landscape [11] - The Chinese government's support for game exports has provided a boost to the industry's global ambitions [11] - Century Huatong's game "Endless Winter" has surpassed 200 million global downloads, contributing significantly to the company's revenue [11] - 37 Interactive Entertainment has adopted a strategy of maintaining domestic stability while achieving breakthroughs in overseas markets [11] Group 5: Industry Reassessment - The gaming industry is characterized as a "non-typical" cyclical industry, influenced by product life cycles, technological revolutions, and global market opportunities [17] - The current performance surge is likely indicative of a clear upward cycle, with companies focusing on high-quality content and efficiency improvements [17][18] - Successful companies are expected to emerge as winners in this new normal, driven by their ability to produce quality products and optimize operations [18]

澄迈成游戏产业出海"热土" 从澄迈出海 既省心又放心 11月27日，在海南老城科技新城的一幢白色大楼前草坪上，立着"海南游戏出海众创空间"牌子，这 里正是海南游戏出海公共服务平台(以下简称服务平台)驻地。此外，这幢楼还聚集了47家游戏公司，上 线了135款精品游戏。 入驻澄迈所打造的"无须App化"的游戏出海平台PlayOL后，创新的设计成了"万能适配器"，依托全 球云游戏架构，改写游戏出海的"闯关模式"，让游戏企业不用二次开发，就能实现"零代码改造""零渠 道成本"出海。 不仅如此，游戏企业落地澄迈后，可直接登录游戏出海平台注册即完成入驻，通过平台申请出海游 戏内容备案，同时向三大通信运营商申请跨境数据链路，两项工作均完成批复后即可进行海外上线。 "目前入驻平台的游戏企业以初创的中小型企业居多，为加速孵化，我们在企业入驻之后针对游戏 产品研发、翻译、本地化运营、推广发行、法务咨询、跨境支付等方面遇到的问题，平台整合专业运营 团队和优质第三方服务机构，给予相应的支持和解决。"海南游戏出海公共服务平台负责人刘天元告诉 记者。 此外，平台还可提供全链路保障服务，由专业团队帮助游戏企业了解海外市场规则和玩家喜好，精 ...

"明年暑假，我计划去上海，想去南京东路买'谷子'！"与今年推出的新游《星塔旅人》官方coser （角色扮演者）照完相，19岁女孩朴灿珠告诉记者，"中国游戏的运营能力令人有信任感。" 在12月5日至7日举办的韩国动漫游戏节（AGF 2025）上，中国游戏与上海成为韩国年轻人口中的 高频词。不少韩国玩家提到，中国游戏是他们了解中国和中国文化的入口。"每逢中国传统节日，很多 中国游戏会做特殊的设计和主题。我因此了解到不少中国的传统文化和自然风光，过去陌生的地方也渐 渐变得熟悉起来。"一位韩国玩家告诉记者。 记者 施晨露 林子璐 "我去了新世界城，那里的一整条街有很多'谷子'（周边商品）店。"cos（角色扮演）成游戏《明日 方舟》角色的朴先生回忆今年夏天的上海之行时，仍然一脸兴奋，"我感到非常幸福"。 以AGF为观察样本，上海作为中国游戏产业高地的全球影响力，可窥一斑。 "好玩"背后的文化密码 走进韩国国际展览中心的展馆，《明日方舟：终末地》以五面大型分屏为背景的活动区夺人眼球， 总计提供79台试玩机器的规模为全场最大。 作为鹰角网络下一代旗舰产品，全球同步发行的《明日方舟：终末地》此前已在德国科隆游戏展、 日本东京 ...

Core Insights - Century Huatong has been nominated for three awards in the 2025 Game Top Ten Annual List, recognizing its achievements in the gaming industry [1][4][6] Group 1: Awards and Nominations - Century Huatong received the nomination for "2025 Excellent 'Going Global' Game Enterprise" due to its outstanding performance in the game export sector [4][8] - Shengqu Games, a subsidiary of Century Huatong, was nominated for "2025 Excellent Game Operation Enterprise" for its strong operational capabilities and focus on classic IPs [5][9] - The mobile game "Endless Winter," developed by DotDot Interactive, was nominated for "2025 Excellent Mobile Game," highlighting its unique product appeal and market performance [1][6] Group 2: Market Performance - Century Huatong's new game "Kingshot" has achieved significant market success, ranking first in the iOS free game charts in multiple regions within four months of its launch [4][8] - The games "Kingshot" and "Whiteout Survival" dominated the Chinese mobile game export revenue rankings, maintaining their top positions for four consecutive months [4][8] - Shengqu Games has successfully revitalized core IPs through new mobile game releases, demonstrating the enduring value and competitiveness of classic IPs in the current market [5][9] Group 3: Industry Trends - The gaming industry is entering a new phase of high-quality development, with competition increasingly focused on content innovation, technology application, and globalization capabilities [5][9] - Century Huatong aims to continue leading the way in promoting the Chinese gaming industry's advancement towards premium and international standards [5][9]

Summary of the Conference Call on the Gaming Industry Industry Overview - The gaming industry is experiencing a golden era characterized by significant revenue growth and improved profitability. In Q3 2025, the total revenue of the gaming concept companies reached 30.362 billion yuan, a year-on-year increase of 27%-29%, with net profit around 6 billion yuan, up 19% year-on-year, marking a three-year high in profit margins [1][2][9]. Key Players and Performance - **Tencent**: In Q3 2025, Tencent's total revenue from online games was 63.6 billion yuan, with international market revenue growing 43% year-on-year, significantly outpacing the domestic market's 15% growth [4]. - **NetEase**: Reported revenue of 28.4 billion yuan in Q3 2025, an 8.2% increase year-on-year, driven by the success of the game "Yanyun Sixteen Sounds" and AI technology applications [4]. - **A-Share Companies**: Companies like Century Huatong and Cupid saw substantial profit increases, with Century Huatong's net profit soaring 141.65% year-on-year [5]. Market Dynamics - The gaming market in China showed a total sales revenue of 88.026 billion yuan in Q3 2025, a quarter-on-quarter increase of 6.96%, ending a five-quarter decline [8][9]. - The gaming sector's investment logic is centered around policy support, technological advancements, and globalization, with a focus on AI empowerment and high-potential overseas business [3][15]. AI Technology Impact - AI technology is widely applied in game development, operations, and user experience, with over 80% application rate among leading companies, significantly reducing costs and enhancing efficiency [7][11]. - The integration of AI is expected to further strengthen the competitive edge of large enterprises and attract more investment into the industry [7]. Future Outlook - The gaming industry is anticipated to continue its upward trajectory, with new game supply peaks expected to drive user growth and revenue increases. The global strategy for Chinese games is entering a harvest phase, with significant potential in both traditional and emerging markets [16][20]. - Despite the optimistic outlook, potential risks include intensified competition, regulatory changes, and geopolitical uncertainties that could affect company performance [17]. Investment Considerations - The current valuation of the gaming sector is seen as attractive, with the average price-to-earnings ratio around 28 times, below the historical average of 35 times. This suggests significant upside potential as the industry returns to a growth cycle [18]. - For new investors, tracking the CSI Animation and Gaming Index through ETFs is recommended, providing exposure to leading companies in the sector while mitigating individual stock risks [21].

多家国内媒体向字节跳动和沐瞳科技分别求证，暂未获得回应。 01 2014年7月，沐瞳科技诞生在上海的写字楼里，创始人袁菁、徐振华与张冠群都带着腾讯游戏的基因， 三人持股比例初定为5:3:2，张冠群持有14%股份。 彼时中国游戏市场正处于端游向手游转型的关键期，大厂们忙着在国内跑马圈地，身在魔都的他们，却 反其道想"出海"。 据智通财经等报道，沙特游戏巨头Savvy正与字节跳动谈判，希望收购后者旗下全资子公司沐瞳科技。 2023年底，字节跳动大规模收缩游戏业务时，就曾与Savvy接触过至少一次。之所以没谈成，主要因为 价格——字节给沐瞳科技开出了不低于50亿美元的标价。 沐瞳科技曾经被看作字节跳动游戏出海的头号王牌。它手握东南亚MOBA游戏（多人在线战斗）市场的 超级爆款，用户量级达到10亿级别，是中国游戏行业出海最成功的样本之一。 但是，自从2021年以40亿美元卖给字节跳动，四年多时间，沐瞳科技几次深陷"再次卖身"的漩涡，这究 竟是为什么？ 刚开始，沐瞳科技做了款叫《Magic Rush: Heroes》的游戏，集卡牌和塔防于一身，拿了Google Play 2015年的最佳策略游戏，算是在海外站稳了脚。 ...

Core Viewpoint - NetEase-S (09999) shares rose over 3%, currently up 3.27% at 221 HKD, with a trading volume of 708 million HKD [1] Group 1: Game Launch Performance - On November 15, "Where Winds Meet" was globally released on Steam, PlayStation, and Epic platforms [1] - Within 40 minutes of launch, the overseas version attracted over 500,000 players, with Steam recording a peak concurrent user count exceeding 140,000 [1] Group 2: Market Expectations and Future Growth - Huatai Securities noted that the overseas performance of "Where Winds Meet" exceeded market expectations, indicating potential for accelerated revenue realization in the medium to long term [1] - Dongfang Securities highlighted the recovery of Blizzard games and the strong performance of "Where Winds Meet" both domestically and internationally, with expectations for growth driven by the upcoming release of "Forgotten Sea" in 2026 [1]

Core Viewpoint - Savvy Games Group from Saudi Arabia is in negotiations to acquire ByteDance's wholly-owned subsidiary, Shanghai Mutong Technology, which has been a key player in the mobile gaming market [1][2]. Group 1: Company Overview - Mutong Technology, established in 2014, is one of the earliest Chinese companies to venture into mobile gaming overseas [2]. - The flagship product, "Mobile Legends: Bang Bang" (domestic version "决胜巅峰"), has maintained strong growth for nearly a decade, ranking among the top ten in revenue for Chinese mobile games overseas [2]. - The game achieved a historical revenue peak in March 2023, with global cumulative revenue surpassing $2 billion (approximately 145 billion RMB) [2]. Group 2: Acquisition Background - ByteDance acquired Mutong Technology in March 2021 for approximately $4 billion (around 289.9 billion RMB) to leverage its overseas distribution capabilities and expand into the heavy gaming market [4]. - Despite the acquisition, ByteDance's gaming business did not perform as expected, with limited success in the European and American markets [4]. - New releases from Mutong, such as "发条总动员," have not replicated the success of "Mobile Legends: Bang Bang" [4]. Group 3: Market Context - The rumors of Mutong's sale are not unfounded, as ByteDance has been undergoing significant restructuring of its gaming business [4]. - In April 2023, there were reports of plans to package Mutong with another company for an independent listing, although ByteDance denied any current plans for an IPO [4]. - Savvy Games Group, established in 2021 by the Saudi Public Investment Fund (PIF), aims to position Saudi Arabia as a hub for the gaming industry and has made substantial investments, including a $55 billion acquisition of EA [5][6]. Group 4: Strategic Implications - If the acquisition is successful, Savvy Games Group could gain valuable operational experience in Southeast Asia and South Asia from Mutong, enhancing its global gaming strategy [6].

Core Viewpoint - The article discusses the ongoing negotiations between Savvy Games Group and ByteDance regarding the potential acquisition of Shanghai Mutong Technology, highlighting the uncertainty surrounding the deal and the performance of Mutong's gaming portfolio [1][4]. Group 1: Company Overview - Mutong Technology, established in 2014, is one of the early Chinese companies to expand mobile gaming overseas, with its flagship product, "Mobile Legends: Bang Bang," generating over $2 billion (approximately 14.5 billion RMB) in cumulative global revenue [1][4]. - ByteDance acquired Mutong Technology in March 2021 for about $4 billion (approximately 29 billion RMB) to leverage its overseas distribution capabilities and expand into the heavy gaming market [3]. Group 2: Performance and Challenges - Despite the success of "Mobile Legends: Bang Bang" in Southeast Asia, ByteDance's gaming business has not performed as expected, particularly in the European and American markets, where the game has struggled to break into the top 100 on iOS sales charts [3]. - New titles from Mutong, such as "Winding Up the Total War," have not replicated the success of "Mobile Legends: Bang Bang," indicating challenges in maintaining growth [3]. Group 3: Market Context and Strategic Moves - The rumors of Mutong's sale align with ByteDance's broader strategy, as the company underwent significant restructuring of its gaming division in November 2023, with previous reports suggesting a potential independent listing for Mutong [4]. - Savvy Games Group, founded by Saudi Arabia's Public Investment Fund (PIF) in 2021, aims to establish Saudi Arabia as a hub for esports and gaming, having made substantial investments in the global gaming industry, including a $55 billion acquisition of EA [4].

Core Viewpoint - The potential acquisition of Shanghai Mutong Technology by Saudi Arabia's Savvy Games Group from ByteDance is currently under negotiation, with uncertain outcomes and no official comments from either party [1][3]. Group 1: Company Overview - Shanghai Mutong Technology, established in 2014, is one of the early Chinese companies to venture into mobile gaming overseas, with its flagship product, "Mobile Legends: Bang Bang," achieving over $2 billion in cumulative global revenue [1][3]. - ByteDance acquired Mutong Technology in March 2021 for approximately $4 billion, aiming to leverage its overseas distribution capabilities to expand in the heavy gaming market [3]. Group 2: Market Performance - Despite stable growth in Southeast Asia, "Mobile Legends: Bang Bang" has struggled to gain traction in the European and American markets, often ranking outside the top 100 on iOS sales charts [3]. - New releases from Mutong, such as "Winding Up the Total Movement," have not replicated the success of "Mobile Legends: Bang Bang," indicating challenges in maintaining growth [3]. Group 3: Strategic Moves - In November 2023, during a significant restructuring of its gaming business, ByteDance was rumored to be seeking to sell Mutong Technology, although the CEO stated the company would continue to operate independently [3]. - There were also rumors in April 2023 about ByteDance planning to package Mutong with another company for a potential IPO in the U.S. or Singapore, which was denied by ByteDance [3]. Group 4: Savvy Games Group - Savvy Games Group, founded in 2021 by Saudi Arabia's Public Investment Fund (PIF), aims to establish Saudi Arabia as a hub for esports and gaming, having made significant investments, including a $55 billion acquisition of EA [4]. - If the acquisition of Mutong is successful, Savvy Games Group could benefit from Mutong's operational experience in Southeast and South Asia, enhancing its global gaming strategy [4].